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Everyone needs to chill out
Monday, September 29th, 2008
The recent weeks, and even years, have proven to be difficult times in the financial world and in the American economy in general. Today was no doubt a serious dive in market depreciation (a total of 1.2 trillion lost today alone), and 4.2 trillion in worth lost over the past year.
Is this scary? Absolutely. Why is it scary? Well, personally, not because of the wealth depreciation, it's because of what people are doing.
People tend to forget that because they are putting money in a market, their stocks are going to both rise AND fall. People need to calm down and not freak out, sell stocks, pull out money, and run for the hills. This is very important for the stability of our economy. In the past week we have seen some of the largest mergers ever presented in this country's economy, and the scariest of all of that, is that these mergers have been banks.
People need to remember that a market is a rise and fall system, they need to simply ride things out, support your local and federal economies, and we'll make it through this. The United States has always pulled through in rough times, but only because people retained faith in their government and the people of our country in general. We need to do that now.
Just as a numbers game, we had a drop today of 770 points. Our market worth today had dropped by roughly 8% at the close of the market. In 1985, we had a drop of almost the same 770 points, but at that time our market value was 20% of what it is now. What does this mean? In 1985, when we had the same number drop in our market, which was 36% of the market value, people didn't freak out. Did we enter the great depression in 1985? No, absolutely not, the 80s were a fairly stable economic time. News channels: stop saying that we are "entering the great depression," you are only throwing out more chaos in the minds of investors and causing further havoc on the market. We are not entering the depression, and we will all be fine. Will we go through some tough times... maybe, who knows, but what you are saying is not helping. We are not nearly as bad off as you would like us to think we are.
I'm so sick and tired of the news freaking out, manipulating numbers, and causing panic and chaos in people's minds. Yes, today was one of the largest drops in history in our market, but not by percentage, by the statistical number index.
Frustrated Tom Out.
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